Answer: Formulating Conclusion, preparing and presenting the report Phase
Explanation:
Market research is a process used by marketers to gather information to identify possible opportunities, problems, Consumes preferences and choices etc. Market research is a powerful tool because it helps the business to position itself in the industry and also improve business’s understanding of consumers and their behavior.
Market Research will help the business in understanding which products are needed by consumers and why they need those products. The Last stage in the Market Research Process which is Formulating conclusion, preparing and presenting the report phase includes communicating market research results.
When information has been collected, organized, processed and analyzed the following step which is the last step in the process is to formulate conclusion, prepare and present the report. The marker should interpret the research findings and make conclusions that will be presented to the management of the company.
Managers of the company may not be interested in the details of the research, statistical processes and methods. Market research findings with no interpretation and conclusion may be of no use to them, and therefore formulating conclusion is an important part of communicating the market research.
When preparing to communicate market research report with management, the marketer or researcher need to make the report findings to be understandable and easy to follow. The manager must be able to read and fully understand the research report because the main aim is for the management to be able to use the information provided by the report in making good and informed business decisions that will benefit the company as a whole.
